The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Income and accumulation units

With income units, any income is paid as cash. This can be withdrawn, reinvested or simply held on your account. With accumulation units any income is retained within the fund; the number of units remains the same but the price of each unit increases by the amount of income generated within the fund. Generally accumulation units offer a slightly more efficient way to reinvest income, although many investors will choose to hold income units and reinvest the income to buy extra units.

Charges and Savings

The initial saving applied to a fund depends on how it is priced. Dual priced funds have two
different prices (a sell price and a buy price); single priced funds have a single price
(at which the fund can be bought and sold).

For dual priced funds the difference between the buy and sell price is made up of the initial
charge and other costs e.g. the fund manager's dealing costs. The 'initial saving from HL' will
reduce the buying price, but even with a full discount the buying price may still be higher than
the selling price.

For single priced funds the price quoted does not include the 'initial charge'. Any
'initial charge' after deduction of the 'initial saving from HL' will be added to the price
quoted.

Please note that even where a full saving is offered a
dilution levy could be applied on the way in or out of the fund.

HMRC believes that from April 2013 rebates of annual charges (such as loyalty bonuses) paid on funds held in nominee accounts, such as our Fund & Share Account, should be subject to income tax. Loyalty bonuses paid on funds in ISAs and SIPPs are unaffected, and they remain tax-free.

We believe all loyalty bonuses are tax-free and we are challenging HMRC's interpretation. However, while we make this challenge we are paying loyalty bonuses within the Vantage Fund & Share Account net of an amount equivalent to the basic rate tax. If we are successful in our challenge we will return this money to clients. If we are unsuccessful we will use the money to pay over any amounts due to HMRC.

If loyalty bonuses are taxable then the value of our ongoing saving to you could be reduced, depending on the rate of tax you pay. The below table gives an indication of how this may affect you.

In this case, the ongoing saving is 0.00%, of which 0.00% is paid by loyalty bonus. The tax that could be payable on this loyalty bonus, and therefore the value of this saving to you, is shown below.

Non-taxpayer

Basic rate taxpayer

Higher rate taxpayer

Additional rate taxpayer

Ongoing saving from HL:

0.00%

0.00%

0.00%

0.00%

Loyalty bonus:

0.00%

0.00%

0.00%

0.00%

Tax on loyalty bonus:

0.00%

0.00%

0.00%

0.00%

Value of ongoing saving to you:

0.00%

0.00%

0.00%

0.00%

Tax rules can change and benefits depend on individual circumstances. Please remember loyalty bonuses received on funds held in the Vantage ISA or Vantage SIPP are exempt from tax.

Also, loyalty bonuses received by overseas investors, companies and charities are not required to be paid with the deduction of tax. Therefore, if you are an overseas investor, or you represent a company or charity please let us know if you would like your loyalty bonuses paid without the deduction of an amount equivalent to the basic rate tax.

In some cases the ongoing savings are provided by our loyalty bonus. Loyalty bonuses are tax-free in an ISA or SIPP. However, they may be
subject to tax in a Fund & Share Account which would, in effect, reduce their value and increase the net ongoing charge.

Invest in this fund with just £25 per month

Performance

21/02/13 to 21/02/14

21/02/14 to 21/02/15

21/02/15 to 21/02/16

21/02/16 to 21/02/17

21/02/17 to 21/02/18

Annual return

4.43%

5.12%

-2.81%

9.22%

2.95%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Our view on this fund

This is our solution for exposure to bonds. It combines our favourite bond fund managers in a single fund and is designed to be a core investment.

David Smith and Lee Gardhouse, the fund's managers, use a flexible approach, targeting a combination of capital growth and attractive monthly income over...

Fund Objective

The investment objective of the Trust is to maximise total returns principally in the form of income.

Income Details

Historic yield
:

2.59%

Distribution yield
:

2.74%

Income paid:

Monthly

Type
of payment:

Interest

Ex-dividend
date:

1 February 2018
1 March 2018
1 April 2018
1 May 2018
1 June 2018
1 July 2018
1 August 2018
1 September 2018
1 October 2018
1 November 2018
1 December 2018
1 January 2019

Payment date:

28 February 20184
31 March 20184
30 April 20184
31 May 20184
30 June 20184
31 July 20184
31 August 20184
30 September 20184
31 October 20184
30 November 20184
31 December 20184
31 January 20194

This data is provided by Funds Library. HL accepts no responsibility for its accuracy and you should independently check data before making any investment decision. All yields are variable and not guaranteed. Information correct as at 31 October 2017.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used.
Prices provided by Morningstar,
correct as at 21 February 2018.
Data provided by Funds Library, correct as at 31 January 2018.

1 of 2

Key facts

David J Smith

Manager start date

02/02/2009

Manager located in

Bristol

Biography

David holds a BSc (Hons) degree in Statistics, Computing, Operational Research and Economics from University College London and an MSc in Financial Economics from Loughborough University. David also holds a variety of professional qualifications, including the Investment Management Certificate, and is a Chartered Alternative Investment Analyst (CAIA) charterholder. David joined HL in February 2008 from Citywire, where he was a founder member of the award-winning editorial team, and later became head of investment analysis. David has been co-manager of the HL Multi-Manager Equity & Bond Trust since February 2008 and the HL MM Balanced Managed Trust since July 2008. He has been co-manager of the HL MM Strategic Bond Trust since its launch in February 2009, the HL MM Asia & Emerging Markets Fund since its launch in April 2015 and the HL MM Strategic Assets fund since its launch in February 2016.

Key facts

Lee Gardhouse

Manager start date

02/02/2009

Manager located in

Bristol

Biography

Lee holds a BA (Hons) degree in Economics from Liverpool John Moores University and has passed the Associate of the Society of Investment Professionals exam. Lee joined Hargreaves Lansdown's investment department in 1995 and became Investment Director in 2006 assuming overall responsibility for the Multi-Manager funds and Portfolio Management Service. He is currently the co-manager of the HL MM Equity & Bond, HL MM Special Situations, HL MM Income & Growth, HL MM Strategic Bond, HL MM UK Growth, HL MM European and HL MM High Income funds and has managed all these since launch.

4 If you elect to receive the income from a Vantage ISA or Vantage Fund & Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.

Options

Share

Find another fund

Wealth 150 fund

The Wealth 150 is a list of what
we believe are the best funds in all the main sectors. For a fund to be selected for the
Wealth 150 it must pass a rigorous selection process, and we continually monitor the list
to ensure it only contains the best funds.

Wealth 150 fund

The Wealth 150 is a list of what
we believe are the best funds in all the main sectors. For a fund to be selected for the
Wealth 150 it must pass a rigorous selection process, and we continually monitor the list
to ensure it only contains the best funds.

Wealth 150+ fund

The Wealth 150+ is a
selection of our favourite actively managed and tracker funds across the major investment sectors.
For a fund to be selected it must pass a rigorous selection process,
and we continually monitor the list to ensure it contains only the best funds.

We believe Wealth 150+ funds offer the ultimate combination of first-class performance potential
and low management charges for UK investors. In many cases these super-low charges are only
available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.

Wealth 150+ fund

The Wealth 150+ is a
selection of our favourite actively managed and tracker funds across the major investment sectors.
For a fund to be selected it must pass a rigorous selection process,
and we continually monitor the list to ensure it contains only the best funds.

We believe Wealth 150+ funds offer the ultimate combination of first-class performance potential
and low management charges for UK investors. In many cases these super-low charges are only
available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.

Wealth 150+ fund

The Wealth 150+ is a
selection of our favourite actively managed and tracker funds across the major investment sectors.
For a fund to be selected it must pass a rigorous selection process,
and we continually monitor the list to ensure it contains only the best funds.

We believe Wealth 150+ funds offer the ultimate combination of first-class performance potential
and low management charges for UK investors. In many cases these super-low charges are only
available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.

Wealth 150+ fund

The Wealth 150+ is a
selection of our favourite actively managed and tracker funds across the major investment sectors.
For a fund to be selected it must pass a rigorous selection process,
and we continually monitor the list to ensure it contains only the best funds.

We believe Wealth 150+ funds offer the ultimate combination of first-class performance potential
and low management charges for UK investors. In many cases these super-low charges are only
available through the Vantage Service - a unique benefit to Hargreaves Lansdown clients.

Our website offers information about investing, but not personal advice. If you're not sure which investments are right for you, please request advice, for example from our financial advisers. If you decide to invest, read our important investment notes first and remember that investments can go up and down in value, so you could get back less than you put in.